President Bola Tinubu has ruled out reinstating petrol subsidies, insisting that his administration will not reverse one of its most consequential economic reforms.
Tinubu made the declaration on Monday during a meeting with members of the City Boy Movement, a youth-focused political and advocacy group established to promote his administration’s agenda.
Defending the decision to remove the subsidy, the President argued that continuing the previous arrangement would have placed unsustainable pressure on the country’s finances.
Tinubu announced the removal of the petrol subsidy during his inauguration in May 2023, a decision that immediately contributed to higher fuel prices and increased transportation costs for households and businesses.
The policy has remained one of the most contentious aspects of his administration’s economic programme, with supporters arguing that it reduces the burden of subsidy payments on public finances, while critics point to its effects on the cost of living.
During Monday’s meeting, Tinubu used a religious analogy to reinforce his position that the government would not return to the previous system.
“I remember my scripture studies, both in the Bible and the Holy Quran. When Moses (Musa) left Egypt, the Red Sea parted and gave way. You cannot ask Moses to go back to Egypt. With your energy and support, we will never go back to Egypt,” he said.
The President’s remarks signal his determination to maintain the policy despite calls from political opponents and other stakeholders for a reversal or a different approach to cushioning its impact.
The subsidy debate has broader implications for Nigeria’s economic direction, including government spending, inflation, transport fares, food prices and the purchasing power of households.
While the administration has maintained that the reform is necessary to strengthen public finances, many Nigerians continue to face the consequences of elevated living costs.
The central challenge for the government is therefore not only to sustain its reform agenda but also to demonstrate that the savings and other economic benefits can translate into meaningful improvements in citizens’ living standards.
Tinubu’s latest declaration makes clear that a return to the former subsidy regime is not part of his stated policy direction.